Australia: ATO announces taxation ruling updates for petroleum resource rent tax
The Australian Taxation Office (ATO) has announced an update to its Taxation Ruling TR 2014/9 to incorporate recent clarifications in the law regarding the petroleum resource rent tax (PRRT) on 25 July 2024. This ruling is in response to the
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US: Washington increases sales tax rates
The Washington District of Columbia has increased the sales tax rate from 6% to 6.5%, effective 1 October 2025. The sales tax rate will be further to 7% on 1 October 2026. The increase follows the district's 2025 budget by the City Council and is
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US: Nebraska governor to reduce property taxes up to 50%
Nebraska Governor Jim Pillen, in a release, has convened a special legislative session to discuss the possibility of reducing local property taxes by 40-50% on 30 July 2024. This significant property tax reduction plan is part of Pillen’s
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Cyprus approves all Pillar Two safe harbours, administrative guidance
The Cyprus Ministry of Finance, in a release, announced that Cyprus has agreed to all safe harbours and administrative guidance provided by the BEPS Inclusive Framework concerning the Pillar Two Global Minimum Tax (GloBE rules). The release
See MoreAustralia initiates consultation strengthening the foreign resident capital gains taxÂ
The Australian Treasury launched a public consultation on strengthening the foreign resident capital gains tax regime on 23 July, 2024. Comments to this consultation can be submitted until 20 August, 2024. The government announced a measure in
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Australia initiates consultation for improving foreign resident capital gains withholding tax
The Australian Treasury launched a public consultation on improving the foreign resident capital gains withholding tax regime on 23 July, 2024. The consultation is set to conclude on 5 August, 2024. As part of the 2023–24 Mid-Year Economic and
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Hong Kong extends deadline for 2023-24 tax returns
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns, on 25 July 2024, extending the deadline for 2023-24 tax returns. Recognising the
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Portugal appoints committee to revamp tax procedures
As part of tax measures introduced by Portugal’s 24th constitutional government, the Portuguese Minister of Finance, Joaquim Miranda Sarmento, on 25 July 2024, established a Commission tasked with reviewing and proposing a comprehensive reform of
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Tax Authority Approach to Business Fragmentation: Lessons from a Recent Russian Case
Traditionally, countries like Russia, Kazakhstan, and others in their vicinity have created highly advantageous conditions for small businesses by setting a substantially high ceiling for qualifying for reduced tax rates. For instance, in Russia, a
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Greece: MoF extends tax return deadlines
Greece’s Ministry of Finance has announced an extension for filing personal and corporate income tax returns, moving the deadline to 2 August 2024 for individuals and 9 August 2024 for legal entities. This decision was made due to technical
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Luxembourg adopts draft grand-ducal regulation on tax credits and minimum taxation
Luxembourg's Council of Ministers took a step by adopting a draft Grand-Ducal regulation concerning tax credits and qualified holdings under the Minimum Taxation Law (MTL) On 24 July 2024, which implements the EU's Minimum Taxation Directive
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Oman postpones mandatory B2B e-invoicing system to 2025
Oman's Tax Authorities announced the postponement of the mandatory B2B e-invoicing system to an unspecified date in 2025, citing technical challenges. Initially, the system was set to be introduced on a voluntary basis in April 2024, with
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Taiwan clarifies business tax on cross-border e-commerce purchases for personal use
Taiwan’s Ministry of Finance has released a notice explaining the levy of business tax on goods purchased for personal use through cross-border e-commerce. Recently, Kaohsiung Customs has received numerous inquiries from the public on why
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UAE: FTA issues tax bulletin for free zone persons
The UAE Federal Tax Authority (FTA) has published a Basic Tax Information Bulletin, regarding the regulations for Free Zone Persons under the UAE Corporate Tax Law. The Corporate Tax Law permits a Qualifying Free Zone Person to benefit from a 0%
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Malaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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India delays Pillar One endorsement until specific concerns are resolved
India's Ministry of Finance has declared it will not endorse Pillar One of the OECD's two-pillar tax solution until specific concerns are resolved. Key issues include the proposed dispute resolution mechanism, which India opposes being subject to
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Singapore updates CRS FAQs with guidance for investment entity trusts
The Inland Revenue Authority of Singapore (IRAS) has released updated FAQs regarding the Common Reporting Standard (CRS) on 25 July 2024. The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development
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Italy: Council of Ministers approves decree on minor taxes, tax penalties Â
Italy’s Council of Ministers tentatively approved a legislative decree on 22 July 2024 that outlines a consolidated text on minor state taxes under Article 21 of Law 9 August 2023, no. 111. The text aims to precisely identify the current rules by
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